David Miller

Articles from David Miller


    “He that hath ears to hear, let him hear.” - Mark 4:9 (Image by Danilo Rizzuti) At first glance, recent economic news seems to strike a series of discordant notes and as a result, markets have been trading in a volatile and directionless way. Yet beneath the surface there are connections that provide pointers for investment markets for the remainder of the year. In his influential 1959 essay, “The Two Cultures and the Scientific Revolution”, C. P. Snow proposed that the divide between science and the humanities had resulted in poor communication, misun ... ..read more

    Charles Dickens is in the news as we mark the 200th anniversary of his birth and investment markets seem to be following a rather Dickensian narrative at present. As we reflect on two months of positive returns the question is what happened to the pre-Christmas gloom? Is it just a matter of New Year optimism that will subside along with emptying gyms and filling bars or have we seen the start of a trend that will last for the remainder of the year? The buoyant mood has been driven by a combination of good news and the absence of any serious new problems. It has been a reluctant low ... ..read more

    Those who have been receiving my investment notes over the last four years will have detected some recurrent themes:     • We are in a period of structural change driven by the movement of wealth from west to east.  • The aftershocks of the credit bubble will continue for years.  • Good investment returns will come from active management.  • The Great Moderation is over, now for the Great Reckoning.  • Investment models in the hands of the ill informed are dangerous.  • The impact of demographic change. ... ..read more

    The Federal Open Market Committee (FOMC) duly met for two days last week, completing the cycle of three set piece events in the US over the last month designed to set the political and economic agenda for the next year. Despite many fine words and some interesting plans the market reaction was clear cut. Risk – off is back in fashion with US Treasuries up and equities down in the following days. The question for those looking for a reason to be optimistic was – is that all? Ben Bernanke’s Jackson Hole speech is part of the annual calendar, but could have been the catal ... ..read more

    This is the second in a series of three notes about US economic policy. On Thursday President Obama will address a Joint Session of Congress about economic policy. Although he will be in competition with the opening game of the National Football League season, make no mistake, this is an important and unusual event. In Jackson Hole Ben Bernanke stuck to the agenda that he originally set out in 2002. No new money was spent or created and he gave markets something to look forward to with an extended two day Fed meeting on 20th and 21st September. These meetings are normally only for on ... ..read more

    The great and good are currently gathering for the annual Economic Policy Symposium in Jackson Hole, Wyoming. Financial markets around the world will be listening very carefully to what the Fed Chairman Ben Bernanke has to say when he delivers his speech on Friday. This time last year he first talked about QE2 and because markets are worrying about lack of economic growth, there is growing anticipation that ‘Helicopter Ben’ will yet again ride to the rescue. August has been a difficult month. We have heard from the ECB that “all necessary measures to support ... ..read more

David is a Partner of Cheviot Asset Management, one of the fastest growing private client and institutional investment managers in the UK.  David is a multi asset class manager.

Throughout his 30 year investment career he has served as a fund manager and stockbroker at various firms including Flemings, JP Morgan and Royal Bank of Canada.

Originally a Cambridge science graduate, he is a respected commentator on a wide variety of investment issues, writing for a number of national newspapers and magazines. He makes regular appearances on the BBC, Sky, CNBC and Reuters TV.

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